‘The water’s starting to rise’: Insolvency business booms in Canada amid rate hikes
Financial expert and loan professionals in Canada are seeing a further spike in the rate of insolvencies. Official data says the rate of people going in into insolvency rose 9.4 percent in October. Additionally, interviews with individuals involved in the insolvency industry say they are seeing further spikes since October. They blame rising interest rates, […]
Read MoreCan I win by shifting funds from my RRSP to my TFSA?
If your RRSP account is where the majority of your money is held, what are the implications of transferring some RRSP money each year to a TFSA account to catch up to the maximum limit? Unfortunately, there is no right answer for everyone. Because this is a tax question, it really depends on your annual […]
Read MoreThe TFSA limit is rising to $6,000: Here’s why you should contribute every penny of it
Tax-Free Savings Accounts (TFSAs) are turning 10 this year and experiencing a beneficial overhaul according to financial experts. In 2019, the maximum contribution limit will rise to $6,000 from its current mark of $5,500. TFSAs offer Canadians tax-free growth for life. While you contribute to a TFSA with after-tax dollars, they are a beneficial way […]
Read MoreNew tax changes to affect small business, gasoline, CPP
Starting in 2019, Canadians can expect to see higher taxes and government payments at several levels. The Canada Pension Plan, or CPP, will see mandatory contribution rates rise with the new year. Additionally, some passive income being held by small businesses will be subject to higher taxation rates than in previous years. This is meant […]
Read MoreDivorce and taxes
You may think that your legal issues are done after your divorce is settled, but there is still one thing you have to be concerned about and that is your taxes. The Canada Revenue Agency (CRA) has to consider you legally separated and has to be informed of your change in marital status. If children […]
Read MoreInsolvencies up in Canada in November, Alberta helping lead the way
The number of Canadian businesses and consumers going into insolvency or bankruptcy dramatically rose in November continuing a worrying trend. The province of Alberta saw the largest rise in insolvencies. Overall, the largest increase was in consumer insolvencies, rising 20.9 percent. Canadians now owe $1.78 of debt for every dollar of disposable income according to […]
Read MoreHigher interest rates pushing more Canadians to seek debt relief as business booms for insolvency trustees
The cases of insolvency in Canada are steadily increasing – even through traditionally slow months. More Canadians are applying for bankruptcy, mainly due to increased borrower interest rates. These insolvencies and higher interest rates are slowing growth in other sectors, including home buying and vehicle sales. Many have turned to payday loans but are digging […]
Read MoreHere are Canadian consumers’ biggest concerns for 2019
Going into 2019, polled Canadians are concerned about interest rates rising, the value of the dollar, and most of all, the rising cost of goods. This is compounded by the fact that many have taken out loans or used credit cards which increased the amount of debt they owe. Experts are warning Canadians to focus […]
Read MoreThis man’s stocks rocketed. Can he move them to a TFSA at purchase price?
Trying to move shares that have increased in value from a private placement into a TFSA is an enviable problem. Unfortunately, there isn’t a way to transfer them at the lower purchase price, and avoid a capital gains tax because a transfer is considered a disposition of these assets at their fair market value. However, […]
Read MoreWhy incorporation isn’t always a magical tax fix
Planning for a business can be complex. There are many aspects of the business that you need to take into account when incorporating, including your business goals, annual tax implications and selling the business. If the business plan is for it to be like a hobby, then it may not make sense to incorporate. Incorporation […]
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